Writer: By: Abhulimhen Theresa
The Latest financial statement of the Central Bank of Nigeria (CBN) shows the apex bank disbursed loans totaling N40.67 billion to its staff members as of December 2022.
According to Punch report, the bank’s audited financial statement for that year indicates a significant increase of 133.07 percent from N17.43 billion in 2021.
While the exact number of staff members benefiting from the loans was not disclosed, information on the CBN’s website shed light on its current staff strength. The bank indicated that it operates with a reduced staff size of 4,914, down from 10,000 in 1999. Furthermore, 79 percent of the current staff are professionals.
Despite providing N155.63 billion for staff allowances in 2022, which included categories like furniture, housing, leave, transport, productivity allowances, and other payments, the CBN recorded a high level of debt.
This figure exceeded the bank’s recorded profit of N65.63 billion during the examined period and was 37.2 percent higher than the N113.35 billion spent on staff allowances in 2021.
Over seven years (2016-2022), the CBN’s consolidated and separate statements of accounts showcased fluctuations in its profit and an increasing trend in staff emoluments. Staff emoluments rose by 119 percent during this period, while the bank’s profit underwent sharp declines from N124.47 billion and N107.39 billion in 2016 and 2017 to N43.77 billion in 2018.
Staff salaries, allowances, and benefits continued to climb to N168.03 billion, N183.60 billion, N200.04 billion, and finally N265.87 billion in 2019, 2020, 2021, and 2022, respectively.
Notably, credit loss expenses for the banking regulator surged from N498.2 billion in 2021 to N875.2 billion in 2022, as indicated in the latest results signed by the suspended CBN governor, Godwin Emefiele, and audited by Ernst & Young and KPMG.
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